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Just a week before it stopped trading, Economy Energy was banned from taking on any new customers until it resolved customer-service issues.

Economy Energy was set up in 2012 to ‘level the playing field for prepayment customers’. It didn't only supply households with prepayment, though. Economy Energy offered several tariffs, including ones specific to prepayment and smart meters.

Economy Energy customer score

Economy Energy would have come 29th in our 2019 Which? energy satisfaction customer survey, where firms were rated by 7,429 members of the public. But since it went bust before our results were published, we've removed it from out 2019 rankings.

Only Spark Energy and Solarplicity got lower customer scores.

Economy Energy electricity sources

Economy Energy in the news

Economy Energy stopped trading on 8 January 2018, and it was announced by the regulator Ofgem. And on 11 January, Ofgem said that Ovo Energy would take on its 235,000 customers. Ofgem also banned small supplier E from switching 30,000 of Economy Energy's customers to it, following a sale it failed to disclose to the regulator.

Customers who pay by direct debit will be supplied by Ovo. Customers who are on a pay-as-you-go tariff will be supplied by Ovo's prepayment brand, Boost.

If you are an Economy Energy customer, Ovo or Boost will be in touch for a meter reading. You can either ask to be put on Ovo or Boost's cheapest deal, or use a price-comparison website, such as Which? Switch, to find the best deal for you. You can't be charged exit fees for leaving.

Economy Energy is being investigated by Ofgem over its failure to make Renewables Obligation payments. Suppliers which don’t source the amount of electricity from renewable sources that Ofgem requires have to pay into a fund. Economy Energy missed the most recent payment deadline of 31 October. If it doesn’t pay, Ofgem can issue a final order to make it pay.

It says the two energy companies agreed not to target each other’s customers through face-to-face sales between ‘at least’ January and September 2016. To do this, they shared customer details via software provided by consultancy firm, Dyball Associates.